According to records obtained by FloorTap.com, Netflix Entertainment Services India LLP has extended its lease agreement for a commercial property measuring 1.37 lakh square feet (sq ft) in Godrej BKC in Mumbai’s Bandra Kurla Complex (BKC), the most expensive commercial business zone in India.
The commercial area is rented for Rs 4.28 crore per month or Rs 313 per square foot. The documents state that the corporation has paid a security deposit of Rs 34.30 crore.
There are 114 parking spaces included in the purchase, and the documents were registered on November 2, 2023.
There is a three-year lock-in term during the five-year leasing arrangement. The contracts also stated that there would be an annual escalation of 5% for the rental. A request for comment has been made via email to Netflix in the meantime. Furthermore, D Decor Properties LLP, the property’s owner, could not comment.
Following COVID-19, the BKC lease market has reported several significant transactions. In the past ten months, businesses such as Apple, Bank of China, Hinduja Realty, LinkedIn, and Apple have rented space here.
Two months ago, 17,794 square feet of office space in the Maker Maxity building were rented by LinkedIn Technology Information Pvt Ltd (LTIPL). The lease is for five years, beginning in August 2024, and the monthly rent for the facility is Rs 1 crore.
The Bank of China also rented 9,300 square feet of office space in the same building for five years at a monthly price of Rs 46.34 lakh, or Rs 500 per square foot.
Although Colliers was the deal advisor, the company declined to comment when asked.
